Dockwise Subsidiary Takes Delivery of Talisman

Following the delivery of mv Transporter in May 2007 and mv Target in December 2007, the third vessel out of a series of six mv Talisman, now joins the fleet of Dockwise Transport, a wholly owned subsidiary of Dockwise Ltd.

The remaining three converted tankers will be delivered in the course of 2008. With the addition of six vessels to the fleet, Dockwise is able to optimize strategic deployment of the 22-vessel fleet to best serve the various markets. More specifically, Dockwise will be able to provide clients with unparalleled flexibility in using various types of vessels, reducing risk and increasing scheduling and contracting opportunities for different clients.

After successfully completing the submerging test and sea trials, mv Talisman was delivered to the owners on May 7, 2008. The heavy transport vessel is designed to transport complex, high-value cargo like semi- submersible and jack- up drilling units and has a carrying capacity in excess of 35,000 tons. The Talisman will load its first cargo at Singapore, immediately after leaving the yard, contributing to revenue and earnings as from than.

This vessel was converted at the COSCO shipyard at Nantong, China. During the conversion the majority of the steel structure has been replaced and machinery and equipment was fully replaced and/or upgraded.

To ensure the most effective way of operating the vessel, Dockwise has appointed Anglo-Eastern Ship Management to provide technical and crew management. As such, the new vessels will operate under the same management systems as the existing Dockwise vessels. Crews, superintendents and other personnel will therefore be completely familiar with all operating procedures, ensuring safe operations.